Capital stops issuance of $178 million in bonds

HÀ NỘI — The capital has stopped the issuance of bonds worth VNĐ4 trillion (US$177.8 million), which were to be used for municipal development in 2016.

Hà Nội State Treasury Director Đào Thái Phúc said although the local People’s Council had adopted the issuance of the five-year bonds, it was then stopped to save costs, reduce public debts and avoid capital dispersal in capital construction.

The city would use its existing resources to complete the scheduled construction traffic projects, he said.

According to the treasury, budget revenue totalled more than VNĐ73 trillion in Hà Nội during the first five months of this year, representing 43 per cent of the annual quota. Revenue from import-export activities reached some VNĐ5.9 trillion, while some VNĐ66.4 trillion came from domestic sources.

Budget spending in the city reached nearly VNĐ47.5 trillion as of May 31. — VNS